Gold of the new week - The bears continue to pressurize
After rallying to $1,970 early in the day, gold prices dipped below $1,960 during the US session on Friday.
A modest increase in US Treasury yields, supported the US Dollar (USD) with a modest recovery from the lows in more than a month touched earlier this Friday.
The modest strength of the USD could prevent traders from placing bullish bets around the US Dollar-denominated Gold price.
This week is expected to be a tumultuous week. If last week's rally continues, gold will most likely break the resistance and begin a consolidation phase.
But at this point, there is a clear bearish outlook on the chart.
Technically, Gold is stuck in a triangle with bearish bias at the big frame. If this is confirmed by a break of the trend base, the price can head towards $1915 and $1900
Today I hope gold will return to the price range
XAUUSD
1963 - 1966
And my goal will be: 1941 - 1940
A modest increase in US Treasury yields, supported the US Dollar (USD) with a modest recovery from the lows in more than a month touched earlier this Friday.
The modest strength of the USD could prevent traders from placing bullish bets around the US Dollar-denominated Gold price.
This week is expected to be a tumultuous week. If last week's rally continues, gold will most likely break the resistance and begin a consolidation phase.
But at this point, there is a clear bearish outlook on the chart.
Technically, Gold is stuck in a triangle with bearish bias at the big frame. If this is confirmed by a break of the trend base, the price can head towards $1915 and $1900
Today I hope gold will return to the price range
XAUUSD
1963 - 1966 And my goal will be: 1941 - 1940
